Damages paid for loss of income are taxable but, by concession, most damages paid as a capital sum for not taking court action have been exempt from taxation to Capital Gains Tax (CGT). If the damages paid can be linked to a specific asset (for instance...
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When a woman transferred the lease on her Knightsbridge flat into a trust for the benefit of her two sons, the intention was to provide a benefit to them which would, over time, be free of Inheritance Tax (IHT). Such gifts are called 'potentially exempt...
During the course of an employment, it is common for employees to become aware of the ‘trade secrets’ of their employer’s business. If they subsequently use this knowledge for their own gain, they can find themselves facing a claim for...
When an estate is being administered, the administrator must meet any specific bequests in the will before distributing the remainder (the ‘residue’ in legal parlance) of the estate. However, it is by no means uncommon for the specific bequests...
A widely reported case has potential implications for those entrusted with the care or safety of others who delegate that responsibility – for example by the use of subcontractors. The tragic case concerned a boy who suffered brain injuries whilst...
When land has been used by someone who has no legal entitlement to use it for 20 years without interruption, an ‘easement’ can arise under the Prescription Act 1832 . In principle, an easement gives the legal right to continue the use...
If you have negotiated a divorce settlement and then find out that your ex-spouse has been less than open when disclosing their personal finances, the court will reopen the matter if there is sufficient evidence to do so. In a recent hearing, the court was...
In a bitter example of how an innocent party can be left to carry the financial can following a corporate failure, the owner of a hotel who paid £110,000 for diesel powered generating equipment has received judicial sympathy but ended up with neither...
Businesses that have constituted themselves as limited liability partnerships (LLPs) will greet without enthusiasm the announcement by Treasury Secretary Danny Alexander that the Government ‘will be closing the loophole that allows private equity...
When determining whether or not a claim for principal private residence (PPR) relief for Capital Gains Tax (CGT) purposes can be made when a property is sold, the exact nature of the arrangements can be paramount, as a recent case proves. The case arose...
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